Following the news that the Conservative Party and Labour, among other political parties, are putting the NHS at the heart of their manifestos ahead of the upcoming UK general election;

Beatriz Benito, Lead Insurance Analyst at GlobalData, a leading data and analytics company, offers her view:

“The demand for private medical insurance (PMI) will not be eroded by the promises made by political parties. Concerns about NHS waiting times and/or services is the leading reason why consumers take out PMI, as cited by one in four individuals (25.2%) according to GlobalData’s 2023 UK Insurance Consumer Survey. This has not only been the main purchasing trigger over the years, but the proportion has remained stubbornly high since 2019, which was then compounded by the COVID-19 pandemic.

“It is difficult to foresee the dramatic recovery that the political parties are hoping for any time soon. Politicians have remained cautious about raising general taxes, with both the Conservative Party and Labour also ruling out increases to national insurance contributions. Meanwhile, the state of the NHS is in tatters, having succumbed to years of austerity measures imposed by the ruling Conservatives, with economic injections being scant and dispersed. The COVID-19 pandemic was the tip of the iceberg, further stretching NHS resources and extending waiting lists.

“While concerns about accessing healthcare services will continue to drive demand for PMI, an overstretched healthcare system could have a negative impact on the quality of healthcare provision as well as the attitudes and behaviors of staff. This could eventually prompt other patients to consider purchasing PMI. Hence, investments into the NHS are likely to have little impact on demand for PMI any time soon.”